Mortgage refinancing, a new world
The old adage is that it is always better to own a house than to rent. When you have a home mortgage, you put money towards equity each month. The old advice was that rent is like throwing away money, since you do not get to build equity while you live there. The slump in the real estate market, drop in home values and rocky economic times have made many people ignore that old advice and consider renting in lieu of buying. Owning a home comes with financial responsibilities.